BNP Asset Management’s decision to release MiFID II research budgets to all of its global clients, not just those covered by MiFID II, may be a competitive inflection point for the industry. While BNP Asset Management had no legal/regulatory requirement to present those budgets globally, it presumably concluded that extending transparency to all of its clients on an equal basis would be a competitive advantage. And a major global asset manager releasing detailed research budgets will inevitably introduce significant fiduciary questions for institutional investors about their other managers’ research spending.